UPDATED Bullish, the exchange backed by investor Peter Thiel, issued 30 million shares, at a price of $37 in its IPO, after earlier aiming for a price between $32-33.
Bullish’s Stock Jumps, Soaring Above $5.4 billion IPO Value
13 August 2025 - 16:29 CEST
The exhange raised more than $1 billion and was valued at $5.41 billion. The company is listed on the New York Stock Exchange under the ticker BLSH.
The stock saw early success. On Wednesday, the stock debuted at $90, and surged to as high as $118, a more than 215% gain, before falling to $68 at close. In pre-market trading Thursday, it climbed to $75 – twice its IPO price – giving the company a valuation above $10 billion.
Corporate interest
In its Securities and Exchange Commission filing, Bullish said BlackRock and ARK Investment Management have expressed early interest in $200 million worth of shares in the IPO. And the underwriters, which include JPMorgan, Jefferies and Citigroup, as well as Deutsche Bank and Societe Generale, have a 30-day option to sell an additional 4.5 million shares.
For context, Bullish saw a 78% year-on-year increase in trading volumes for the first quarter of 2025, with a $2.6 billion average daily volume.
Clear focus
In his introductory letter in the SEC filing, Bullish CEO Tom Farley made it clear that the company is seeking to provide a reliable crypto exchange service: “Bullish’s management team, regulatory compliance, fortress-like balance sheet, and diversified business model intentionally resembles the tried-and-true dual market infrastructure and information services structure that has been adapted by so many ‘traditional finance’ exchanges.”
He also said that Bullish will continue to focus solely on its exchange operations: “Bullish does not plan to launch our own digital assets, nor do we intend to build public blockchains or engage in other types of direct competition.”
Crypto IPO trend
The US’ favourable stance to the crypto sector has already encouraged successful IPOs in recent months, with Circle being the outstanding example to date. Others include eToro and Galaxy Digital, which moved its listing to Nasdaq from Toronto in May.
The WinkleVoss twins’ Gemini and BitGo are among other crypto companies which have said they are planning IPOs on either the New York Stock Exchange or Nasdaq.
